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Posts Tagged ‘financial regulation on Wall Street’

FROM THE ARCHIVES: Attorney Claims Wall Street’s Cop, FINRA, Invested in Madoff

Posted by Larry Doyle on January 29th, 2010 8:31 AM |

Time.

The policies implemented in Washington are trying to buy time in hopes that our economy recovers. Japan took the ‘buying time’ approach and twenty years later they are still waiting for real recovery.

Moving forward.

The approach being taken by those within our financial regulatory structure (SEC and FINRA) is to ‘move forward.’ Well, unless the critically unanswered questions and issues embedded within these organizations are fully exposed and addressed, America can never truly move forward with confidence in the markets and those overseeing them.

President Obama wants real financial regulatory reform. Then Mister President, compel your chair of the SEC, Mary Schapiro, to open the books and records of FINRA. Mr. President, compel Ms. Schapiro to unseal documents regarding the very formation of FINRA itself.

America knows something still smells on Wall Street. What is it? (more…)

Mr. President, Are SIVs Considered Prop Trading?

Posted by Larry Doyle on January 22nd, 2010 8:09 AM |

Is President Obama’s proposal to rein in risk on Wall Street genuine or merely another Washington political ploy to curry favor with an enraged American electorate?

As with any proposal, the devil is always in the details. Initial pushback from Wall Street is strong but also informative. What is Wall Street highlighting? The large Wall Street banks are promoting the fact that proprietary trading operations do not encompass a large percentage of their overall business. In fact, JP Morgan already shut down an internal proprietary trading business in 2009.

I believe Wall Street will paint Obama’s proposal as an overreaching and aggressive intrusion into its business and free enterprise. What are we to make of all this? What exactly is Obama proposing? I’m not sure even he would know. The fact is, Obama’s proposal to curtail proprietary trading resides in defining exactly what proprietary trading encompasses. (more…)






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